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To answer your question...Yes, there is a program which, if you qualify, allows you to buy a home with only .5% down!!! In addition to this you can ask the seller to pay up to 6% of the sales price towards your closing cost. Now this 6% stands as of today (02/19/2010), but may change to 3% only with in the next few months.

This program is really a FHA loan so there are no income limits. This program is only available here in California.

Please read it and contact the city for more information. Sometimes they run out of funds due to the high number of applicants. Once you find out if the city still has money then you will need to work with a lender that understands the program and usually the city has a list of preferred lenders that they work with.

I hope this helps! Have a great day and I wish you the best of luck as you buy a home this year.
Aaron Zapata
Prudential CA Realty
Ranked Top 3% Nationwide